September 18, 2018

IMF: Romania credit line up by US$661 mil.

The IMF boosted the amount immediately available to Bucharest by 507 million euros (US$661 million) to 1.6 billion Euros, after an executive board review of Romania’s economic performance. While Romanian authorities have not drawn on any of the money, the move boosts the country’s backup in case the eurozone problems tighten its avenues for financing. It also represents IMF approval of the reforms it has undertaken. David Lipton, the IMF’s first deputy managing director and acting chair said that policy implementation has remained strong and all program targets were met. The IMF extended Romania a 24-month 3.6-billion-euro under a stand-by facility in March 2011, but restricts the amount immediately available to the government based on its performance in meeting Fund fiscal and reform guidelines.

Source: The China Post (read more)

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